Common use of Right of Survivorship Clause in Contracts

Right of Survivorship. If Option A has been selected in the “Right of Survivorship” section in the attached Personal Contract Application, or if no Option has been selected, upon the death of a Depositor, the entire beneficial interest in the Account vests in the Survivor and as such, the Account assets will pass to the Survivor and will not be treated as an estate asset of the deceased Depositor but rather will be treated as a gift to the Survivor separate and apart from the deceased Depositor’s estate. Such transfer of Account assets does not release the deceased Depositor nor their estate from section 2.5, Joint and Several Liability.

Right of Survivorship. If Option A has been selected in the “Right of Survivorship” section in the attached Personal Contract Member Application, or if no Option has been selected, upon the death of a Depositor, the entire beneficial interest in the Account vests in the Survivor and as such, the Account assets will pass to the Survivor and will not be treated as an estate asset of the deceased Depositor but rather will be treated as a gift to the Survivor separate and apart from the deceased Depositor’s estate. Such transfer of Account assets does not release the deceased Depositor nor their estate from section 2.5, Joint and Several Liability.